DPP has reported satisfactory interim results given the Covid challenges which continued to impact over Q3, and the fact that synergies have not yet fully come through. However, as normalisation returns and operational synergies start to flow through, it is pleasing to see trading has rebounded strongly with double-digit LFL sales in October. This news is slightly tempered by a soft Q3 and sector wide headwinds (similar to the UK) prompting a lowering of our 3 year forecasts, meaning positive EB
Companies: DP Poland PLC
With dine-in restrictions in Poland having been relieved on the 28th May, DP Poland today provides a trading update for the month of June. It is directionally positive. The enlarged group has seen an immediate benefit with dine-in (effectively the Dominium business) returning to 76% of the June’19 trading levels (pre CV19 market). On a LFL basis, overall group system sales are down only a modest 2% vs the similar June’19 comp, with delivery up a strong 11%. LFL sales vs June’20 are ahead by a ro
Joiners: Seraphine Group, has started trading on the Premium Segment on the Main Market. Seraphine, and together with its subsidiaries, is an international digitally-led maternity and nursing wear brand. Offer price 295p. £150.2m Mkt Cap. Gross proceeds of approximately £61m, equating to a total offer size of approximately £75.5m.
Leavers: Immunodiagnostic Holdings has left AIM following a cash offer.
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South West Brands the multi-brand cannabidiol consumer go
Companies: SPA BRSD BWAP DPP LVCG PPS SHNJ STA SYM XTR
6 months into the merger with Dominium and initial progress around unlocking value are encouraging. Positive momentum and higher average spend at stores with the new integrated menu are being observed, operational integration has progressed broadly in line with expectations and post recent easing of lockdown restrictions, average dine-in daily sales have risen strongly whilst delivery metrics continue to impress. It is early days but directionally all encouraging heading into the busier H2 perio
The key news accompanying today’s Y/E update is that good progress is being made in integrating the Dominium business, with targeted cost synergies on track. This should be welcomed by investors. As should a useful 3% FY20 revenue beat for the old DPP business vs our forecast and LFL sales accelerating to 11% in H2-20. The expectation is that current lockdown restrictions in Poland will partially ease in Q2, allowing the dine-in business to also prosper and grow alongside the strong delivery mod
Following the transformational acquisition of rival Dominium we are formally initiating on DP Poland. The combination has broadened and strengthened the business model, creating a top 3 market player with a proven new CEO at the helm. Significantly, the enlarged entity will be profitable and self-funding, something the market has been long waiting for. The deal creates a platform to accelerate growth and to become the dominant pizza player in Poland. We identify three main drivers – cost synergi
The proposed acquisition of Dominium is a reverse takeover, which is expected to create a top-3 player in the Polish pizza market. DPP has also announced a £5.2m fundraise (£3.5m of new money; £1.7m of sell down) at 8p/per share, a c10% premium to the pre-suspension price. Proceeds are expected to be used for integration/ transaction costs, network optimisation and for working capital. Management expects the deal to deliver cost savings, alongside a footprint expansion, and to provide improved p
Today’s interims highlight momentum building against a CV19 backdrop. Whilst headline LFL’s were -1.8% in H1 to June-20, the weakness was purely attributable to the heightened CV19 impact on consumer behaviour in Q1 with LFL’s down 4.1%. Thereafter LFL sales improved to +0.5% in Q2 and Q3 has been very strong at +8.9% , reflecting the virtues of having an online food model. Overall, revenue in H1 improved by 2% to £7.0m and a £0.4m EBITDA loss reported vs a -£0.3m comp. Net-cash at the period en
DP Poland has issued a scheduled AGM trading update covering the first 5 months of the year. Trading for the period is reported to be broadly in line with management’s expectations. The update adds a bit more colour around the Covid19 impact. Briefly, LFL’s declined to -14% in the last two weeks of March but significantly as Polish consumers adapted to the lockdown restrictions and gravitated to online channels, LFL’s quickly recovered to a robust +3% over April and May, with total system sales
2019 finals are a smidgen ahead at the EBITDA level. The company executed well in expanding the estate by 10% and collaboration with food aggregator Pyszene.pl (takeaway.com) has proved positive. DPP finished the year with £3.5m of net-cash and importantly, management today signal that this provides sufficient liquidity on a 12m view. COVID-19 to date has had relatively little impact with sales holding up robustly. A strong online presence and a delivery model means the business has continued to
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.
Companies: NQMI AUTG DPP WTG YEW CVSG ALNOV MIDW THAL
The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.
Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN SRE PHP RE/ RECI RMII STX SCE TON SHED VTA W7L
Since their privatisation in 1989, the 10 water companies have faced a periodic review every five years; it is undertaken by Ofwat, and prescribes customer prices, along with the investment requirements. As part of the ongoing review, PR19, Ofwat will publish its Final Determination numbers on 11 December 2019; they will apply as from April 2020, although water companies do have the option to seek a reference to the CMA.
Companies: AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF PCA PIN PHP RE/ RECI RMII STX SCE SIXH TON SHED VTA W7L
DPP has announced FY19 interim results in line with the trading update given in July. Growth has been restored following tricky comparisons with January/February last year. System sales, like-for-like, were positive in the first three months of 2H, and performance was in line with management expectations. Four new stores have opened, with two more in the pipeline, and three corporate stores have been sold to sub-franchisees. The partnership with the aggregator Pyzszne is said to be positive. The
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Companies: AVO AJB AGY CLIG DNL DPP FLTA GTLY GDR KOOV MUR NSF OXB PCA PHP RE/ RMII STX SCE TRX TON SHED VTA W7L
Research Tree provides access to ongoing research coverage, media content and regulatory news on DP Poland PLC.
We currently have 40 research reports from 4
Guild Esports has terminated its largest sponsorship deal to date and entered advanced negotiations for a potentially larger replacement contract that the company hopes to close before the end of the year.
Companies: Guild Esports PLC
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
Companies: SYS1 ARE SO4 SNG TMG TMT OHG IDE KIBO MRL
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Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
Companies: ZYT CIC DMTR GILD LMS MMAG PYC SMRT SBI
Studio Retail has announced a H1 trading update (to Sep), detailing strong product sales growth of 38% on a 2 year basis and up marginally YoY (against a tough comp). Financial services revenue was up 11%, also. Supply chain issues have been well managed by the group, as it took the decision in the summer to secure its supply chain. Any additional costs incurred/price inflation will be recouped from a higher pricing strategy in H2. Positively, going into the peak trading period, market data is p
Companies: Studio Retail Group plc
Guild Esports appears positioned to accelerate audience growth and sponsorship revenues as its teams gain momentum and David Beckham increases promotional activity.
Guild released results for the year ended 30 September 2020, which was pre-revenue and before IPO funding. Post period end, the company signed a three-year £3.6m sponsorship deal and a smaller two-year sponsorship deal.
Companies: Vertu Motors PLC
H1 trading was slightly ahead of expectations from a sales and margin perspective, with UK sales positive in Q2 after annualising very tough Q1 comps. Despite exceptional comps, a good proportion of the gross margin uplift has also been retained. G4M continues to minimise the impact of various global supply chain headwinds. and has good visibility of stock/availability for peak. It is therefore confident of hitting full year expectations. Recent de-rating looks unjustified, particularly given a
Companies: Gear4music (Holdings) PLC
Despite the encouraging H1 performance, which was partially explained by the staycation-driven increase in demand, and a faster revenue recovery for its UK hotel business, Whitbread’s H2 profit generation should be limited by inflationary pressures and the restrained activities in Germany.
Companies: Whitbread PLC
Guild Esports provided an encouraging operational update and published H1 results yesterday. H1 financial results do not reflect the company’s substantial progress on sponsorships signings, tournament wins and fanbase growth:
Brighton Pier Group Plc (BPG) has traded remarkably well during the first 13 weeks of its financial year, with net sales up 44% versus the same period (pre-Covid) in 2019. BPG also successfully settled its business interruption insurance claims in full, meaning it will now receive £2m more in FY21E than we had forecasted (£5m in total). We update our FY21E forecasts to account for this, as well as materially upgrading our FY22E projections (Adj EPS raised 85% to 11.9p) to reflect the very positi
Companies: Brighton Pier Group Plc
Vertu has delivered an impressive set of record H1 results, which showed strong volume outperformance and pricing discipline across all markets. We are raising our FY22 forecasts by 19% to reflect current management guidance and leave our FY23/24 forecasts unchanged for now. Our near term value per share increases to 86p implying a healthy risk reward profile from here.
G4M has delivered an H1 trading update in line with internal expectations against the very strong H1 trading performance last year and is on track to meet full-year consensus market expectations. UK sales performance was the stand-out feature, coming in flat on last year. Europe’s performance was hindered by post-Brexit challenges, down 16% on last year, though up 14% on a two-year view. Group sales are down 8% in aggregate, but up 31% on a two-year view. Gross margin has held up well, being dow
Netflix surged past the target price from our last report as the company reported an exceptionally good result with strong subscriber growth and earnings. The company added as many as 4.38 million subscribers in the quarter, well above the 2.2 million in the corresponding quarter of the previous year on account of the huge success of many of its originals such as Squid Game, Lupin and Money Heist’s latest season. Its 213.56 million paid subscribers across the globe have grown by 9.4% year over y
Companies: NETFLIX (NFLX:NYSE)Netflix, Inc. (NFLX:NAS)
PensionBee, the online pensions provider, with a mission to make pensions simple, so that everyone can look forward to a happy retirement, considering an IPO on the High Growth Segment of the Main Market of the London Stock Exchange. PensionBee is a leading online pensions provider in the UK, with approximately 130,000 Active Customers and £1.5 billion of assets under administration , in each case as at 28 February 2020. Cornerstone FS to join AIM, an SME focused, cloud-based provider of inter
Companies: TMT OHG MDZ FME LTHM ORPH BARK VEL MOS EQLS
Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51mm) will be used to fund
Companies: GOOD FIH SRT NFC RFX ARCM ACRL EQLS ORPH VRS